Swiss wealth management group Julius Baer announced that its chairman Romeo Lacher will step down as the bank continues a shake-up of management that began a year ago after it suffered losses from exposure to collapsed property group Signa.

Lacher’s departure comes after new CEO Stefan Bollinger began work at the Zurich-based firm on January 9, almost a year after it announced the departure of previous CEO Philipp Rickenbacher.

Bollinger, a Swiss citizen, was previously Co-Head Private Wealth Management for Europe, Middle East and Africa at Goldman Sachs in London.

Rickenbacher’s exit occurred after the bank reported losses of 586 million Swiss francs ($646 million) on loans to Signa.

Stefan Bollinger

Julius Baer said in a statement: “Romeo Lacher, Chairman of the Board of Directors, informed the Board of Directors during 2024 of his intention not to stand for re-election at the Annual General Meeting 2025.

“Following the appointment of Stefan Bollinger as CEO, Julius Baer has the opportunity to advance its strategic development under new leadership also at the level of the Board of Directors.

“The Board of Directors therefore was able to initiate timely a search process for external candidates for the Chair of the Board. This process will be completed shortly.

“The proposal for the Chair of the Board Elect is expected to be announced together with the invitation to the Annual General Meeting and the proposals for the elections to the Board of Directors in March 2025.”

Richard M. Campbell-Breeden, Vice Chair of the Board of Julius Baer, said: “On behalf of the Board of Directors I want to thank Romeo Lacher.

“Under his leadership the Board of Directors acted decisively to address the impact of the credit losses that occurred in 2023 and to select and appoint a new CEO.

“Thanks to Romeo’s work and his commitment to ensure a speedy and seamless transition, we are ready for the next phase in the development of our strategy.”

Lacher said: “With Stefan Bollinger starting as CEO, Julius Baer is opening a new chapter. It is a good moment for this transition at Board level.

“As the leading pure-play wealth manager worldwide, Julius Baer is strongly positioned for future success. I would like to thank all of Julius Baer’s employees for their support and dedication.”